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BIS Managing Director Says Bitcoin Can 'Crash' Laughed Crypto Fans

In a recent speech , Agustin Carstens, BIS Managing Director and former President of the Central Bank of Mexico , claimed that central bank digital currencies (CBDCs) will be launched in the next three years, describing BTC as a risky investment, adding that the token could ultimately fail. .

Carstens said:

"Investors should be aware that Bitcoin could collapse completely. Scarcity and cryptography alone are not enough to guarantee change."

Carstens added samples of smaller altcoin tokens that were the target of 51% attack attempts, adding that "Bitcoin is becoming increasingly vulnerable as other tokens have already been hacked by the majority.

His words, however, created a Twitter storm as crypto fans rushed to defend the token.

Binance chairman Changpeng "CZ" Zhao took a carefree attitude and wrote :

“I was speechless for about two minutes, I thought about what to say. lol ... "

Meanwhile, ShapeShift CEO Erik Voorhees stated that "it's getting sad" as banks continue to underestimate the scale of the difficulty from decentralized currencies like BTC .

Others, meanwhile, targeted Carstens' suggestion that CBDCs are a viable alternative to crypto or existing fiat currencies, and one user wrote :

“The idea of ??complete anonymity in a CBDC is a delusion… I hope CBDC assets aren't huge. Therefore, the central bank toolkit could remain largely unaffected. "

Reportedly, as the world's central banks increasingly turn to CBDC projects, their focus is shifting to the further stages of the CBDC business, and more banks are moving from conceptual study to experimentation.

"Central banks, created and supported by the government, are against the idea of ??solid money," said Stephan Livera, the popular Bitcoin podcast publisher .

Some sincerely agreed with this feeling, writing that it was "fascinating" to see BIS talking about "solid money" in the "context of digital currencies".

The Bitcoin Standard 's author Saifeier the Ammous, "sound money" the BIS's mouth "marketing is still a totally meaningless word," he wrote , adding:

"Strong money is freely chosen in the market, not authorized by bureaucrats through the government's central banking monopolies."

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